The purchase of a home or premises for business in Italy is an idea that at least once came to the mind of those who are thinking about their own property on its territory. One of the most investment attractive cities continues to be the country's business center - Milan. Not only Italians and Europeans themselves want to buy real estate in Milan, but also Russians, who have some capital.
Why Investors Choose Milan
The capital of Lombardy is the second largest and most important city in the country (Rome comes first). Milan is constantly evolving, offering business people and migrants new business districts, sleeping quarters and an ever-improving infrastructure. So, why you need to choose this particular region of Italy:
- it is worth buying an apartment in Milan, if only because it is a comfortable and attractive place to live. There are many landscaped parks and attractions, a well-developed transport network, and you can find accommodation for every taste;
- it is a profitable place to do business. Milan is a major financial center and the capital of the fashion industry, and therefore the demand for rental of premises is constantly growing;
- some of the most prestigious business schools and universities in the country and Europe are located here. Local university degrees open doors to many large companies;
- a well-developed network of motorways and railways allows you to quickly get from here to any Italian region and to other European countries;
- a well-established system of international flights provides daily flights between Milan and Russia, Ukraine, Belarus, and some other CIS countries;
- real estate prices in Milan are not the lowest when compared to other parts of Europe. But the invested funds can be quickly recouped if you manage the purchase correctly.
Owning property on Italian territory does not give the right to obtain a residence permit and the "green corridor" upon legalization. For this reason, immigration based on the purchase of real estate is not possible. But the owner can apply for a national visa and live in the country for 180 days and another 3 months in other Schengen countries.
What real estate can you buy in Milan
After the World Trade Fair in 2021, the city's appearance has changed significantly. The market for his real estate has replenished with objects that are now rented out for daily rent for tourists and business people who come on short business trips. In terms of sales, the highest demand is for one or two bedroom apartments and commercial properties.
Milanese themselves prefer to buy houses, which are subsequently inherited from generation to generation. Young people prefer apartments in houses under construction, most often bought with a mortgage. Considering how much an apartment in Milan costs, many young people leave their parental home no earlier than 30–35 years old.
The entire housing stock of the city can be divided into three categories:
- new housing,
- reconstructed,
- old.
The most expensive is the first type of real estate. So, what can you buy in Milan:
- apartments - they can be divided into traditional Italian and classic European. The former are characterized by high ceilings, glass doors, large windows, light walls, and stone floors. For the second - an open plan (studio apartments);
- houses - located within the city. Such buildings can be both detached and cottage-type, designed for several families;
- Italian villa is a luxury property in Milan. Most often, such houses are located outside the city in picturesque places.
In which area to buy housing
The choice of the location of the apartment or house will depend on the budget and on the goals pursued by the buyer. We will present the key features in a short overview:
- Historical Center. The housing stock of this part of the city consists almost exclusively of historical sites. All of them are in excellent condition, which significantly increases the demand. It is equally important to choose the right quarter:
- for lovers of bohemian life, the Brera area, located between Corso Garibaldi and La Scala, is more suitable. Famous restaurants, clubs, galleries, museums, theaters are concentrated here;
- for connoisseurs of respectability and privacy, it is best to stay on one of the streets in the area of Corso Magenta and the Basilica of St. Ambrose;
- fashionistas and shoppers need to pay attention to the prestigious quarter in the area of the streets of Sant Andrea, Montanapoleone, Manzoni, Spiga.
If you want to live in the center, look for accommodation in the area between Sempione Park and the urban area of Bovisa. This is the place where you can buy inexpensive apartments in the center of Milan: about 3800-4000 euros for 1 square meter of an apartment requiring renovation.
- Semi-central regions and periphery. This is the so-called second line of the city, from which the central square Piazza del Duomo is only 15-20 minutes away by public transport. Thanks to the universities located here, real estate in this part of the city has a high investment potential. The new housing stock attracts such areas of Milan: Lorentejo, Fiera, Bicocca, Santa Giulia, Isola.
You should not discount such a factor as security. This city is always filled with tourists, and therefore, fraudsters who are attracted by a magnet to the places of their gathering. The Lambrate area on the outskirts of the city is inhabited by migrants.
The areas of Bonola, QT8, Lampugnano are considered dangerous - there are also many migrants here; There was once a market in this part of town where you could buy everything from marijuana to weapons.
How to look for housing
You can search for a suitable object in different ways:
- On real estate websites:
- Trovacasa - This is where you can find properties for sale and rent. After specifying the search criteria, you can choose an option in any area of the city.
- Immobiliare.it - offers a large selection of apartments, villas, studio apartments and mansard apartments, also from the developer.
- Subito.it - on the site you can find many offers from agencies.
- Apply to specialized agencies:
- Immobiliare L'Olimpo - Via XX Settembre, 14, 20099 Sesto San Giovanni MI, Italia.
- Lo Casa Immobiliare - Corso Lodi, 110, 2021 9 Milano MI, Italia.
- EXE - Viale Legioni Romane, 28 2021 7, Milano - (MM Primaticcio).
- In advertisements in local newspapers.
- Follow the news on the forums and in groups on social networks.
Real estate prices
The cost of an apartment in Milan depends on many factors:
- location in relation to the center;
- type of housing (apartment, apartment, villa, house);
- infrastructure;
- area of the room;
- number of rooms;
- the condition of the object (new, requiring repair, already renovated).
The price is formed most often based on the area of housing. But it also happens that the larger the room, the cheaper is 1 square meter.
Cheap apartments in Milan can be found further from the center. They usually require repair and are located inconveniently in relation to the traffic intersection.
The average budget with which you should generally think about buying real estate in this city is 150-300 thousand euros. The table shows the average indicators of the cost of housing by district:
| District | Apartment in need of renovation (price per 1 sq. M in EUR) | The apartment is new or already renovated (price per 1 sq. M in euros) |
|---|---|---|
| Brera | 6300 | 9000 |
| Corso Garibaldi | 5900 | 8300 |
| Corso Magenta - Baracca | 5600 | 7300 |
| Corso Magenta - Meravigli | 6100 | 8400 |
| Corso Vittorio Emmanuele | 6900 | 10700 |
| Solferino | 5100 | 7100 |
| Via Dante | 5900 | 8200 |
| Via Larga | 5700 | 7600 |
| Sempione | 3800 | 4100 |
| Isola | 5800 | 6500 |
Inexpensive housing in Milan can be purchased in the Bonola metro area - 3 rooms with a total area of 92 sq. m will cost 285-300 thousand euros. And here is the same apartment on Via Torricelli in an old restored house - about 500 thousand euros.In the city center, a 2-room apartment with an area of 56 sq. m will cost 610 thousand euros.
For those who dream of suburban real estate, it will not hurt to know what the order of prices is set for houses. You can buy a villa in Milan for the same money as an apartment, but there are more expensive options. Here are some examples:
- a villa in Lodi with an area of 180-200 sq.m, 2 floors, 3 bedrooms - 350-400 thousand euros;
- villa in Milano-3 in a residential complex of 500 sq. m with a plot of land will cost 1,500,000-2,000,000 euros;
- villas, which are old restored buildings, can cost from 4 million euros.
But you can buy a house near the city center, designed for two owners (duplex), but with a separate entrance, for 360-450 thousand euros.
The cost of notary services must be added to the purchase amount. With a transaction of 150-200 thousand euros, his services can cost 1-2% of the transaction amount.
According to the Tecnocasa real estate group, housing prices are forecast to rise in the Brera area, and interest in the Feltrinelli Foundation, where Microsoft is headquartered, is growing.
The properties in the area of Corso Como and new houses in Vigano are always popular.
How is the deal going
After you decide on the choice, there will be a stage of concluding a deal. First, a written offer for the upcoming purchase is made (proposta irrevocable d'acquisto). The form for this document can be found at the real estate agency.
Its meaning is that the buyer agrees to purchase a certain object on the terms that he has discussed with the seller. The latter, in turn, also draws up a letter of return consent to the transaction.
The next step is to draw up a letter of intent. It prescribes the obligations of both parties and the prepayment amount (10-15% of the cost). At the final stage, a deed of sale and purchase is signed by a notary, final calculations and taxes are paid.
What documents are needed
The first thing a buyer needs to do is obtain an identification code from the Italian embassy - codice fiscale. It is necessary to sign an agreement and to open a bank account, since payment will be made by bank transfer.
From other documents you will need:
- A valid international passport.
- Schengen visa, valid at the time of the transaction.
It is important to remember that all real estate transactions are conducted in Italian. Therefore, it will be useful to enlist the support of a translator. Sometimes difficulties in understanding become the cause of great misunderstandings.
How much will it cost to maintain the property?
An important point is how much it costs to maintain housing in Milan. The consumable part will look something like this:
- water supply - these costs depend on the area of u200b u200bthe housing and are scattered at once for the whole year (approximately 250 euros for 3 months);
- electricity and gas are paid by the meters. The advance payment for gas can be 450 euros, which must be paid immediately after connecting the apartment to the gas supply system;
- heating in Italy is expensive. Payment for 1 month can vary from 200 to 1000 euros. It all depends on the extravagance of the owners.
If you plan to rent out an apartment, it would be wiser to find a management company that will take over the search for tenants and all the worries about mandatory payments.
Tax rates
The authorities do not have the right to amend tax laws after the budget has been passed. The amount of payments is calculated on a progressive scale: the more income, the more you have to pay.
Everyone pays VAT, even with the smallest profit (with the exception of social assistance). Foreign citizens pay taxes even if they receive income from a company that operates abroad.
Taxes in Italy for foreigners when buying real estate are:
- registry tax: in the secondary market for a private person - 7%, in the primary market for a developer - 168 euros;
- Inventory tax: in the secondary market - 2%, in the primary market - 168 euros.
- VAT: not paid on the secondary market, on the primary - 10% of the transaction amount (if the real estate is elite - 20%).
Tips for prospective buyers
Things to remember when buying a home in one of the most expensive cities in Italy:
- terraces and balconies in Italian apartments are their continuation, and therefore their area is included in the total area of housing.
- when choosing an object, it is necessary to find out whether the municipality is planning to build any industrial production next to it.
- Heating is the most expensive of all utilities, so you need to pay attention to the condition of pipes, batteries, windows and roofs, as well as the presence of dampness in the corners.
Outcomes
To become the owner of real estate in Milan today is synonymous with a profitable investment of money. And although this fact will not in any way simplify the process of legalization in the country, your own housing can bring good capital if you manage it wisely. The type of property purchased will depend on the purpose of the purchase. As for the budget, it should be at least 150-300 thousand euros.
